Which term means to praise formally and often lavishly?

The term that means to praise formally and often lavishly is "encomium." This word is derived from the Greek word "enkōmion," which refers to a formal expression of praise, typically in a speech or written text. Encomiums are often extravagant in their praise and are used to celebrate someone's achievements or virtues.

This concept is particularly relevant in contexts such as funerals, awards ceremonies, or commemorative events, where honoring someone’s contributions or characteristics is appropriate. The richness of the term "encomium" captures the essence of elevated language used to laud individuals or their deeds, making it distinct and effective in conveying deep admiration.

In the context of the other options, they do not align with this meaning. For example, "epithet" refers to a descriptive term or phrase often used to characterize a person, "expostulate" means to express strong disapproval or disagreement, and "exscind" means to cut out or remove completely. Therefore, "encomium" stands out as the correct choice for formal and lavish praise.